K.V.L.M.: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
K.V.L.M.
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€21,557
2025 · €20,283+€1,273
Equity
€317,026
2025 · €295,469+€21,557
Cash
€4,384
2025 · €14,591-€10,207
Balance sheet total
€1.2m
2025 · €1.2m+€6,195
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year -€32,488
down €32,488 (-4.4%), from €742,625 to €710,137
- Profit (loss) carried forward +€21,557
up €21,557 (+11.8%), from €182,171 to €203,727
- Current portion of long-term debt +€20,337
up €20,337 (+18.6%), from €109,117 to €129,454
Income statement
- Staff costs -€7,671
down €7,671 (-19.8%), from €38,658 to €30,988
- Gross operating margin -€4,529
down €4,529 (-2.3%), from €197,112 to €192,584
- Depreciation +€2,113
up €2,113 (+2.0%), from €104,058 to €106,170
From the 2025 result to the 2026 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2025
€20,283
Gross operating margin
-€4,529
Staff costs
+€7,671
Depreciation
-€2,113
Other operating charges
-€537
Financial charges
+€781
Result 2026
€21,557
raises the resultlowers the result
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€119,689
Investment
-€117,745
Financing
-€12,152
Cash 2025
€14,591
From operations (derived)
+€119,689
Net result for the year
+€21,557
Depreciation
+€106,170
Receivables within one year
-€5,897
Deferred charges and accrued income
+€1,069
Trade debts
-€5,383
Tax, wage and social debts
+€70
Other debts
+€2,102
Investment (derived)
-€117,745
Investment in fixed assets (net)
-€117,745
Financing
-€12,152
Debts after one year
-€32,488
Current portion of long-term debt
+€20,337
Cash 2026
€4,384
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,197,579 | €1,203,774 | +€6,195 | +0.5% |
| Fixed assets | 21/28 | €1,165,859 | €1,177,434 | +€11,574 | +1.0% |
| Tangible fixed assets | 22/27 | €1,165,859 | €1,177,434 | +€11,574 | +1.0% |
| Land and buildings | 22 | €1,165,859 | €1,177,434 | +€11,574 | +1.0% |
| Current assets | 29/58 | €31,720 | €26,340 | -€5,380 | -17.0% |
| Amounts receivable within one year | 40/41 | €14,826 | €20,723 | +€5,897 | +39.8% |
| Trade receivables | 40 | €10,149 | €15,398 | +€5,249 | +51.7% |
| Other amounts receivable | 41 | €4,677 | €5,325 | +€648 | +13.9% |
| Cash at bank and in hand | 54/58 | €14,591 | €4,384 | -€10,207 | -70.0% |
| Deferred charges and accrued income | 490/1 | €2,303 | €1,234 | -€1,069 | -46.4% |
| Total equity and liabilities | 10/49 | €1,197,579 | €1,203,774 | +€6,195 | +0.5% |
| Equity | 10/15 | €295,469 | €317,026 | +€21,557 | +7.3% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €51,325 | €51,325 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €45,128 | €45,128 | = | 0.0% |
| Profit (loss) carried forward | 14 | €182,171 | €203,727 | +€21,557 | +11.8% |
| Amounts payable | 17/49 | €902,111 | €886,748 | -€15,362 | -1.7% |
| Amounts payable after more than one year | 17 | €742,625 | €710,137 | -€32,488 | -4.4% |
| Financial debts | 170/4 | €742,625 | €710,137 | -€32,488 | -4.4% |
| Amounts payable within one year | 42/48 | €159,485 | €176,611 | +€17,126 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €109,117 | €129,454 | +€20,337 | +18.6% |
| Trade debts | 44 | €9,744 | €4,362 | -€5,383 | -55.2% |
| Suppliers | 440/4 | €9,744 | €4,362 | -€5,383 | -55.2% |
| Taxes, remuneration and social security | 45 | €5,826 | €5,896 | +€70 | +1.2% |
| Taxes | 450/3 | €100 | €0 | -€100 | -100% |
| Remuneration and social security | 454/9 | €5,726 | €5,896 | +€170 | +3.0% |
| Other amounts payable | 47/48 | €34,798 | €36,900 | +€2,102 | +6.0% |
| Remuneration, social security and pensions | 62 | €38,658 | €30,988 | -€7,671 | -19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,058 | €106,170 | +€2,113 | +2.0% |
| Other operating charges | 640/8 | €17,263 | €17,801 | +€537 | +3.1% |
| Gross operating margin | 9900 | €197,112 | €192,584 | -€4,529 | -2.3% |
| Operating profit (loss) | 9901 | €37,133 | €37,625 | +€492 | +1.3% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €16,849 | €16,068 | -€781 | -4.6% |
| Recurring financial charges | 65 | €16,849 | €16,068 | -€781 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €20,283 | €21,557 | +€1,273 | +6.3% |
| Profit (loss) for the period | 9904 | €20,283 | €21,557 | +€1,273 | +6.3% |
| Profit (loss) for the period to be appropriated | 9905 | €20,283 | €21,557 | +€1,273 | +6.3% |
Source: filed annual accounts (NBB), financial years ended 31 May 2025 and 31 May 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.